TIDMPROX

RNS Number : 3686I

Proxama PLC

21 March 2018

21 March 2018

Proxama PLC

("Proxama" or the "Company")

AGM Statement

Proxama plc (AIM: PROX), the leading mobile location data and intelligence expert, is holding its Annual General Meeting today at 9.00am at the offices of Redleaf Communications, Sky Light City Tower, 50 Basinghall Street, London EC2V 5DE.

Ahead of the formal business of the meeting, Kelvin Harrison, Non-Executive Chairman of Proxama, will make the following statement:

"2017 was a transformational year for Proxama. The sale of the Digital Payments Division and the successful GBP3.1 million placing and open offer mean the Company is now debt free.

A new management team, including a new Chairman, CEO, CFO and Chief Strategy Officer, have completed the restructuring of the Company, and the cost base has been radically reduced with administrative costs now running at less than half of their 2017 level. The London and Norwich offices have been relocated to more cost-effective sites and headcount has been reduced substantially to 16 from 60 people at the end of 2016.

As a result, we are well placed to pursue our new strategy, focused on the rapidly growing location data market and I am pleased to report that we are trading in line with management expectations.

The Company has also set new KPIs for 2018 focused on gathering 30 billion data points with an audience of 10 million consumers, and aims to launch and monetise two new products.

A resolution will be put to the AGM to change the Company's name to Location Sciences Group PLC, reflecting this new strategy. Subject to shareholder approval, following the AGM, the Company will also launch a new website with improved shareholder functionality.

There will be a presentation from senior management following the AGM, outlining why the Company has focused on location data and intelligence, including the market opportunity and a product demonstration.

We are also pleased that, as separately announced today, Benjamin Chilcott will be appointed as a non-executive director of the Company, following conclusion of the AGM. Benjamin brings a wealth of experience and relationships with brands, agencies and products.

The new Board is pleased with the progress that the Company has already made and we look forward to updating shareholders as our strategy unfolds."

End

 
 Enquiries: 
 Proxama PLC                   Via Redleaf Communications 
 Mark Slade, Chief Executive 
  Officer 
  David Rae, Chief Financial 
  Officer 
 
 Stockdale Securities          Tel: +44 (0)20 7601 6100 
  Limited 
 Tom Griffiths 
 Ed Thomas 
 
 Redleaf Communications        Tel: +44 (0) 20 3757 
                                6880 
 Charlie Geller 
 Fiona Norman

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

March 21, 2018 03:01 ET (07:01 GMT)

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